3395 2nd N Avenue

Highlights:

• Building Area: 2258.0

Description:

This is a wonderful opportunity to develop a housing project. Zoning is RM Multi-Family Residential (Medium Density). Currently use code is 71
The subject is an irregularly shaped lot of 3.4218 acres located on the north side of 2nd Avenue
N, between Davis Road and Miller Road. The subject fronts 130 feet on 2nd Avenue N.
This site features 0.5179 acres of building site and 2.9039 acres of a gravel pit currently filled
with water.
The subject building was built in 1960 and contains 2,258 square feet. There are four apartments,
with one 2-bedroom/2-bathroom unit and three efficiency units. Recent improvements include a
newer roof, paint, new flooring, wall unit air conditioning units, shutters, gutters, sprinklers.
The land value is based upon the extraordinary assumption that the subject gravel pit has
availability to be filled and all of the property of 3.4218 acres to be dirt and developable.
Based on all the information available, after the gravel pit is filled in, the value of vacant land is
significantly more than with the current improvements. So the as completed value is based on
razing all improvements and marketing the entire property as vacant land.

Based on availability for gravel pit to be filled and all of the property of 3.4218 acres to be dirt and developable, this would be the Highest & Best Use: Multi- Family based on resent appraisal study.